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Bond Market News
Brazil’s CADE Delays Ruling on Marfrig-BRF Merger
August 21, 2025
Brazil’s antitrust regulator delayed a final decision on beef supplier Marfrig Global Foods SA’s takeover of chicken producer BRF SA further dragging out the completion of the deal. Previously, nearly three-quarters of BRF’s minority shareholders had approved a proposed tie-up with Marfrig ahead of BRF’s general shareholder meeting on August 5.
This partnership would create another global food company MBRF, one of the world’s largest meat companies, with origins in Brazil and factories in South America, North America, the Middle East and China. The move comes after one member of the nation’s regulator Cade requested more time to submit a vote. The antitrust agency is formed by a total of six counsellors, of which five have already voted in favour.
BRF’s 4.875% 2030s are trading lower by 0.5 points at 96.65, yielding 5.74%. Meanwhile, Marfrig’s 3.95% 2031s are also lower by 0.5 points at 90.40, yielding 5.96%.
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